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Karnataka
‘New products are aimed at common man’
Staff Correspondent
Udupi: Executive Director of Syndicate Bank George Joseph said on Tuesday that the new products of the bank were aimed at the common man. He was speaking after inaugurating a coin vending machine and the “IT Aggregation Point” at the Catholic Centre branch of the bank, here. People can get coins in Rs. 2 and Rs. 5 denomination from the vending machine installed at the branch.
Mr. Joseph said that it was the Syndicate Bank which first came up with the Pygmy deposit scheme decades ago. It was a revolutionary step in the banking industry. The scheme was revived in 2007 under the name “Pygmy 2007”.
Nearly 1,000 new agents were now working for this scheme.
“The agents had been provided with technology-based handheld machines that issue receipts on the spot. This has brought in transparency in transactions and also reduced the work of the pygmy agents,” he said.
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